Socialism is a kind of political association, monitor system, and social speculation. Socialism is usually based on the idea that the government should own and control the nation’s resources rather than individuals.
Socialism emanated from watching the success and achievements of capitalism. Socialism was first used to explain disagreement to the free market economies and free enterprises. The Industrial Revolution was the reason for many social problems. The small pay, extensive labor hours and outrageous working conditions that caused or motivated the people to consider socialism (Williams 2016). With government involvement in the world of business, impartial treatment for all was achievable. Most countries have a socialist platform, a socialist government, and other non-governmental organizations that are in between that have adopted the socialist idea.
Karl Marx, the 19th-century main man of communism, Marx inferred the characterization of the lower form from the historical necessity, the increasing gap between the wealthy and the deprived. Marx and Engle’s substantiated the historical necessity of the development of capitalism and communist society by saying that capitalism was the reason for the increasing hindrance to the further development of productive forces and only socialism would be the productive force that will help to evolve the society from capitalism. This historical materialism perspective gave rise to the fundamental criterion for the development of socialist economy held by Lenin. He was convinced that the expropriation of capitalism would result in a large extension of social productivity.
In the modern capitalist society, according to Marx’s analysis, the social relation of production, which establishes the framework of a different mode of life, is constituted by the capitalist ownership of mean of production and by wage labor. The core reason for the socialist alternative had always been the transformation of private property into social ownership, which Marx conveyed by referring to a future society of ‘associated producers (Routledge, 2018).
Socialism, therefore, was meant to do away with its fundamental capitalism, by substituting social ownership of the mean of production for their private ownership. Market relation would have to be eradicated, and production as a whole would have to be focused on to future development of demand with the aid of economic planning. Another set of deficiencies In socialist economies of the 20th century concerns the nature and mode of production. Production was not appropriately or adequately geared to demand; on the one hand, it produced quantities of non required goods, while on the other, it did not satisfy concrete demand to any vast scope. Moreover, production producers supplied a few fashionable, high-quality consumers goods, and the techniques of capital goods were far behind those of capitalist countries.
It is at this idea that one needs to realize that there is a great difference between those societies in which the bigger part of the productive resources are centrally and publicly owned and the societies in which there are very limited planning and public ownership. It is important that the country as a whole, to wish to preserve essential consumer sovereignty to the government because socialism is based on preferences of who control the society which results in capitalism.
The US which could be labeled ‘Socialist’ or tending toward being socialist, faces many problems towards building a socialist economy or society. Nevertheless, some issue is a common concern, highlighting certain universal facets of the socialist economy at it took shape in the 20th century. The common interest is usually centered on the particular forms which public ownership of productive resources, and the market (Routledge,2018).The notion that eradication of manipulative private property ownership in the society is the mean of production that will ushers in an important classless society which, given a sufficient development of force of production, evolve a discordant or harmonious way toward communist.
Also, there is a great need for the US government to preserve the autonomy of the producers since this is the condition to avoid self –management. When these conditions are taken together, we need a market that strictly defines the sphere of planning and planning as a precondition for an efficient market to increase the economic welfare of the community. Also as Marx mentions that the economic system of communism is usually based on philosophy meant to correct the socials problems that resulted by capitalism.
Nevertheless, the problems involving capitalism can only be solved by restructuring the socialist economies. What ought to be understood is that remedies are not the question of excessive promotion of competition or ownership, but the decentralization of economic decision –making by giving enterprises greater independence in a controlled environment of the market. Relation. Developing new strategies for planning the economy as a whole usually, have to be conceived or derived simultaneously. Political reforms are also necessary which requires fro their success the holistic socialization of the populace, a new spirit of individual enterprise administration and responsibility.
Public possession of the major productive resources is also essential in the US is also essential for the construction of a socialist society and socialist economy. These are so because on the one hand in the aim to reduce the dominance by capitalist class. And on the other, hand is the need to spread out democratic participation in decision making in society.
In conclusion, the central message of these paper is that once the capitalism is overturned and there is public ownership of the mean of production, people will be free to choose democratically among a diverse social organization of the economy.
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Egbert, Donald Drew. Socialism and American life. Vol. 1. Princeton University Press, 2015.